CardFlight clinches $4.2m investment to accelerate EMV rollout

Mobile point of sale (POS) specialist CardFlight has gained over $4m in a Series A funding round, as it looks to grow its engineering team and launch its EMV mobile acceptance solutions in the United States.

Gaining attention from veteran investors

The funding round was led by former NetSpend CEO Dan Henry, who now invests his time and money within the payments sector. Henry assembled the funding round with MATH Venture Partners.

‘‘The team at CardFlight has a deep understanding of the opportunities and challenges in deploying payment solutions on mobile devices,’’ said Henry. ‘‘I’m excited to help them continue to expand their business.’’

CardFlight’s funding round attracted a number of other seasoned payment experts, including Stuart Harvey, former CEO of payment processor Elavon and Mark O’Connell, chairman of Multi Service.

The round also saw investment from Silicon Valley Bank and current investors including ff Venture Capital, Great Oaks Venture Capital and Apostolos Apostolakis.

‘Growing and scaling startups in the payments industry’

In a company statement, CardFlight has laid out its plans on how to use the cash injection, including making improvements to its engineering team and an expansion into the United Sates.

‘‘We’re excited to be adding investors with such deep experience growing and scaling startups in the payments industry,’’ said Derek Webster, Founder and CEO of CardFlight.

‘‘This round of funding further validates CardFlight’s leadership in mobile payments and will enable us to roll out even more advanced solutions in the months and years ahead.’’

The POS firm has been pushing ahead with its plans to release new technology, gaining approval from payments regulator First Data in October for its new range of EMV solutions.

"Big players and traditional acquirers are struggling to get out of the commodity corner, to the point of providing agile services that allow them to be omni-channel and data-centric. That is what we provide, an opportunity to fulfill those goals."

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